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short sale marco island

Posted by Sandy Shumaker on September 25, 2010 at 2:19pm in Short Sale Discussions
We have been in a short sale contract with the owners of a marco island florida home since July 5, 2010. To date we have not heard a word from the bank or listing realtor. Our Florida realtor reassures us each week that the paper work is in and there should be some decision soon. Evidently, they have asked for an appraisal, haven't heard any response. It appears people know who the lenders are and have attempted to deal with them directly.
Is this an appropriate thing to do? I would love to speak with the lender and reinforce the fact we have cash in hand to purchase the property but have no idea who to call. Anybody else have any suggestions or experience with this type of situation. We supposedly are the only contract on the table, all adds online note the the property is with contract. 
Thanks for any advice you can give. sandy

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  • Bryant Tutas September 27, 2010 at 12:32am
    Sandy. I know it seems like an eternity but less than 90 days (thus far) is not that much time in short sale world. Unless the seller gives you authority to do so then dealing with the lender directly is not an option. They don't own the property. They also don't care about your cash. Even if you were getting a mortgage they still get cash so it really makes no difference to them.

    It sounds like your agent is doing their job by keeping you informed of what's going on. Unfortunately unless they are handling the short sale side then they too are relying on second hand information.

    If this is a property you really want them hang in there.
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